Need Help?
Need professional advice for your consent to let with Cynergy Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Cynergy Bank consent to let
-
We have a Cynergy Bank mortgage and are have made overpayments to bring the loan amount down, both employed etc. Can you tell me how much the fees are and if Cynergy Bank are likely to give us consent to let without changing to a new mortgage product?
- What's the difference btw consent to let and buy to let? What is the consent to let rate offered by Cynergy Bank?
- Next month I will be relocating to Dubai. As opposed to sell my house, I would like to lease it out, just in case things don’t pan out. My present mortgage is with Cynergy Bank. If I applied for a refinance would a new provider view this as me trying to dodge a Buy To Let mortgage, of which there is very restricted availability for 80% LTV, and hence refuse my request for Consent to Let?
- I have just been presented with an excellent job opportunity for 9 months abroad. I have enough cash reserves to meet the monthly Cynergy Bank mortgage yet the buildings insurance stipulates that the property must be occupied in order not to be invalidated. Last December the roof suffered storm damage but was repaired. If there happened to be any problems during the winter months I would find it hard to cover the remedial works. Would I be eligible for consent to let from Cynergy Bank for the period I am abroad?
- I am looking to Cynergy Bank to issue me with consent to let out my basement flat in Hounslow. I am moving to Norway for Eight months on a secondment.
- We have a letter to Cynergy Bank requesting consent to let signed and ready, but I'm not sure what address I should forward this to. Can you please help me with the address?
- I have Cynergy Bank mortgage and am considering letting the property. I am lead to believe that I would require consent to let to do this...is that right ?
- Is it possible to negotiate a consent to let from Cynergy Bank if I have a current mortgage which has been in place for twelve years?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Cynergy Bank consent to let Advice
Tax and Legal
There are numerous potential tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cynergy Bank